Will Condos Replace a House in The Suburbs?

Most of us grew up in a house in the suburbs with a backyard and a white picket fence, and as children, we aspired to have the exact same thing once we grew up. However, as you have grown older, you might find yourself reconsidering this childhood dream because while the idea of a house sounds great in principle, is it really worth it in practice? If you look at other people around you, then you will find that most people do not think a house is worth it.

We all know the infamous headlines about how millennials have ruined the real estate market since very few are buying houses, and most of them are living in apartments. Well, this is mostly because people no longer see the appeal in paying huge sums of money for a house when they can find other, more affordable means of permanent property ownership, which in this happens to be condos.

Condos have actually been soaring in demand over the past two decades alone, and you will find a lot of new condos in Toronto that are being launched almost every year. Condos are seen as a great mediator between an apartment and a house, and they do not really cost as much either. So, everyone gets to live a lot more comfortably, and they do not really have to spend an exorbitant amount of money on it either. Houses are only growing more and more expensive and are not appreciating in price either, so buying a house in this economy now seems futile. So, condos have, in a way, replaced the house in the suburb as the new ideal simply because of how much more affordable and convenient they are for everyone that is involved.